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International Public Sector Accounting Standards Board (IPSASB)

International Public Sector Accounting Standards Board (IPSASB). OECD – Public Private Partnerships July 2006 Philippe Adhémar – IPSASB Chair. Overview. Current Status of IPSASB Project Update on discussions at last IPSASB meeting – Paris July 3-6 Likely future actions

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International Public Sector Accounting Standards Board (IPSASB)

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  1. International Public Sector Accounting Standards Board (IPSASB) OECD – Public Private Partnerships July 2006 Philippe Adhémar – IPSASB Chair

  2. Overview • Current Status of IPSASB Project • Update on discussions at last IPSASB meeting – Paris July 3-6 • Likely future actions • See attachment for IPSASB • Membership • IPSASs, EDs, Research Reports • Projects under development • Download from www.IPSASB.org IPSASB

  3. Service Concessions – Public Private Sector Partnerships • IPSASB has noted importance of project on PPPs • Deferred actioning own project pending: • IFRIC developments • IPSASB staff resource to support project • Responded to IFRIC draft Interpretations, Concerns: • Grantors not dealt with • Narrow range of PPPs being dealt with • Notion of control: implications for public sector • Distinguishing between the accounting models IPSASB

  4. IPSASB Follow-up Activity • IPSASB subcommittee monitoring IFRIC developments • IFRIC responding to certain concerns • IPSASB raised potential for collaborative project national standards setters and other bodies (NSS) • Positive response • Discuss with NSS in Paris July 5 • Consider implications for IPSASB resource allocations to projects IPSASB

  5. Proposals- Paris July 5, 2006 • Collaborative project with NSS • Research project dealing with grantors • Not focus on application of IFRICs for grantors • Encompass both grantor and operator • Include overview of current practice • Subsequent stage development of an IPSAS • Research/Consultation paper developed by subcommittee of IPSASB and NSS members • To be issued by IPSASB for comment • May also be issued by NSS in national context • Action project Nov.06. Develop and issue paper 07 IPSASB

  6. Proposals- Paris July 5, 2006 • Update on outcome of discussions with NSS in Paris IPSASB

  7. International Federation of Accountantswww.ifac.org

  8. ATTACHMENT: IPSASB Members 2006 • Accounting Profession • France (Chair), UK (Deputy Chair), Australia, Argentina, Canada, India, Israel, Japan, Malaysia, Mexico, New Zealand, Netherlands, Norway, • South Africa, USAPublic Members • Prof A Bergman (Switzerland), Prof S. Pozzoli (Italy), • Mr J. Peace (USA) • IPSASB Observers • ADB, EU, IASB, IMF, INTOSAI, OECD, • World Bank, UN, UNDP IPSASB

  9. ATTACHMENT – IPSASB Due Process • Exposure Drafts – at least 4 months comment • Open meetings, agenda materials on web • Steering Committees (SC) – ITCs for comment • Project Advisory Panels (PAP) – input to IPSASB • Consultative Group (CG) • Regional Seminars/round table discussions in conjunction with each IPSASB meeting IPSASB

  10. Recent EDs – Draft IPSASs • ED 24“Cash Basis External Assistance”-comments 15 June 05 • ED 25 “Amendment to the Preface to IPSASs” (by 31 Jan 06) • ED 26 “Improvements to IPSASs (by 31 Jan 06) • ED 27 “Presentation of Budget Information in Financial Statements” (by 10 Feb 06) • ED 28 “Disclosure of Financial Information About the • General Government Sector” (by 10 Feb 06) • ED 29 “Revenue from Non Exchange Transactions” • (including Taxes and Transfers) (by 30 June 06) IPSASB

  11. ATTACHMENT – Other Active Projects on IPSASB Agenda • Social Policy Obligations (Pensions, Non-Pensions) • Government Employee Benefits (Pensions and other) • Heritage Assets • Presentation of Budget Information in Financial Statements • Disclosure of Information: General Government Sector • Impairment of Cash Generating Assets • Conceptual Framework • Review implementation of Cash Basis IPSAS • Disclosures by Recipients of External Assistance (Cash basis) • Ongoing review of applicability of IFRSs to public sector IPSASB

  12. ATTACHMENT– IPSASs on IssueCash Basis IPSAS • Cash Basis IPSAS, “Financial Reporting Under the Cash Basis of Accounting” • Comprehensive IPSAS which includes: • a wide range of key cash basis requirements and encourages additional disclosures IPSASB

  13. ATTACHMENT – Accrual IPSASs • (* Identifies IPSASs currently being improved) • *IPSAS 1, “Presentation of Financial Statements” • IPSAS 2, “Cash Flow Statements” • *IPSAS 3, “Net Surplus or Deficit for the Period, Fundamental Errors and Changes in Accounting Policies” • *IPSAS 4, “The Effects of Changes in Foreign Exchange Rates” • IPSAS 5, “Borrowing Costs” • *IPSAS 6, “Consolidated Financial Statements and Accounting for Controlled Entities” IPSASB

  14. ATTACHMENT – Accrual IPSASs (cont.) • *IPSAS 7, “Accounting for Investments in Associates” • *IPSAS 8, “Financial Reporting of Interests in Joint Ventures” • IPSAS 9, “Revenue from Exchange Transactions” • IPSAS 10, “Financial Reporting in Hyperinflationary Economies” • IPSAS 11, “Construction Contracts” • *IPSAS 12, “Inventories” IPSASB

  15. ATTACHMENT – Accrual IPSASs (cont.) • *IPSAS 13, “Leases” • *IPSAS 14, “Events After the Reporting Date” • IPSAS 15, “Financial Instruments: Disclosure and Presentation” • *IPSAS 16, “Investment Property” • *IPSAS 17, “Property, Plant and Equipment” IPSASB

  16. ATTACHMENT – Accrual IPSASs (cont.) • IPSAS 18, “Segment Reporting” • IPSAS 19, “Provisions, Contingent Liabilities and Contingent Assets” • IPSAS 20, “Related Party Disclosures” • IPSAS 21, “Impairment of Non-cash-generating Assets” IPSASB

  17. ATTACHMENT– Recent Research Reports • Research Report • Budget Reporting (May 04) • Comparison between GPFS and GFS/SNA (January 05) IPSASB

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